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Blockchain Company VeChain Is Targeting The Multi-billion Dollar Chinese Pet Food Traceability Market



Blockchain Company VeChain Is Targeting The Multi-billion Dollar Chinese Pet Food Traceability Market

Against the overall market downturn from the global pandemic, China’s pet food industry bucked the trend with notable growth. It was valued at USD 1.082 billion in 2020, and it is projected to reach USD 1.4749 billion in 2026. Despite the surging expansion, the pet food market in China is not mature enough.

Without unified industry standards, in particular food quality standards, low-quality and counterfeiting pet foods are still prevalent in the market. The choices of pet foods in the Chinese market have become a tug-of-war between pet owners, brands, press news and social media. This opens up an opportunity for problem solvers. Blockchain technology enables accurate traceability of ingredients, allowing pet food manufacturers to solve biosecurity problems and quickly bring health concerns about pet food safety under control.

VeChain Technology Confirms Transparency By Traceability

Through immutable provenance technology, blockchain provides proof of pet food ingredient claims and quality by essentially telling a brand’s story in a trustless manner that is unable to be replicated by any other solution in the market.

VeChain, the world’s leading public blockchain provider aims to revolutionize pet food traceability, safety and marketing by providing multiple layers of benefits through its full services across the entire lifecycle of the supply chain, including:

Proof Of Origin: Uploading the source of pet food and import certificate on the blockchain to ensure the integrity of the product and presenting it to the customers through digital marketing, making product claims like “imported salmon” and “American original” far more convincing than before.

Proof Of Ingredients: Blockchain can validate the usage of high-quality ingredients in products. For example, companies focusing on healthy and organic foods can show off their ingredients used and manufacturing process in a transparent manner. It can also prove the manufacturer’s quality claims, such as sustainability efforts and membership of AAFCO.

Traceability Of Entire Value Chain: Blockchain connects the supply chain and traces the source of each ingredient, behavior of the people involved during the entire process, and more. As a result, blockchain can not only increase efficiency of a company’s internal supply chain, but also potentially prevent damages to a company’s reputation during recalls, as increased traceability data enable companies and authorities to quickly track and trace problematic batches of products, significantly increasing consumer trust and safety.

New Marketing Tool In Chinese Market: Data On the Blockchain

In a growing market like China, there is both a regulatory push and consumer interest in knowing more about the pet food manufacturing process, including the ingredients used and whether they were imported. Data stored on the blockchain provides another marketing pitch.

With blockchain technology, pet owners can trust ingredient listings are accurate because pet food recipes and the ingredients used have been stored on the blockchain. The company that is able to provide the actual content or weights of individual ingredients will be establishing a higher degree of goodwill and reputation by proving that their products are truly nutritionally balanced, safe, and environmentally conscious for their pets.

Already, VeChain has engaged with multiple companies in the pet food industry, and many of them have expressed interest in blockchain technology to solve the aforementioned problems and pain points.

By leveraging the data visualization module of  VeChain ToolChainTM, business owners can easily access the benefits of blockchain and implement blockchain in a lead time as short as a few days or weeks. The market-ready product is able to be integrated in established SCM and CRM systems, and can efficiently improve the efficiency, traceability, and transparency of supply chains while lowering costs and giving individual users greater control. It is a win-win solution for the entire industry for both manufacturers and consumers.

About VeChain

Launched in 2015, VeChain Technology is a global leading enterprise-friendly blockchain company which aims to connect blockchain technology to the real world by providing enterprises with blockchain-enabled solutions suited to their business needs. It offers VeChain ToolChainTM, a low-code blockchain-based SaaS platform that allows enterprise clients to rapidly build and drive digital transformation on a global scale, enabling the evolution of a trust-free and a distributed ecosystem. VeChain Technology is a pioneer of real-world blockchain applications, with international offices in China, Singapore, Luxembourg, Japan, France, Italy and the United States. With strong independent development capabilities, combined with the professional compliance guidance of our strategic partners, PwC and DNV, VeChain has established partnerships with many leading enterprises in various industries, including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group etc.


Trustformer Collaborates with Nanyang Technological University (NTU) to Elevate AML Efforts in Crypto



Nanyang Technological University (NTU)

Trustformer, the esteemed subsidiary of global blockchain solutions provider ChainUp, a frontrunner in global crypto asset security and compliance solutions, has embarked on a collaborative venture with Nanyang Technological University (NTU) to harness AI in the realm of anti-money laundering (AML). This initiative, bolstered by the support and funding from the Cyber Security Agency of Singapore (CSA), underscores Trustformer’s commitment to utilizing cutting-edge AI algorithms and AML methodologies to offer data and computational expertise to both NTU and the CSA.

Trustformer Collaborates with NTU to Elevate AML Efforts in Crypto

Amidst the rapid evolution of digital finance and the cryptocurrency market, safeguarding against risks like money laundering and terrorist financing is paramount. With Trustformer’s robust crypto risk management and compliance solutions, Singapore government is poised to proactively monitor and mitigate suspicious crypto transactions, enhancing the overall safety and integrity of the digital asset sphere. Trustformer’s compliance technology solution aids regulators and researchers in scrutinizing suspicious stablecoin and cryptocurrency transactions, setting the benchmark for efficient and intelligent crypto financial regulation. The firm’s ongoing innovations in AML, crime investigation, ransomware, and suspicious transaction analytics further consolidate its position as a leader in applying AI to Singapore’s crypto regulatory landscape.

As an innovator in global regulatory tech, Trustformer’s Know Your Transaction (KYT) platform offers users a comprehensive suite for crypto transaction risk monitoring. The KYT solution enables risk warnings before transactions, risk scans of target addresses, and post-transaction analysis. This empowers users to proactively detect potential vulnerabilities and ensures compliance with global financial regulations. Furthermore, it aids regulatory bodies in effectively pinpointing risks associated with money laundering, criminal activities, illegalities, fraud, and other financial crimes.

Additionally, Trustformer’s KYT platform boasts advanced risk management and analytical capabilities, providing users with macro and micro insights into crypto asset and entity risk profiles, facilitating timely risk strategy adjustments.

In partnership with NTU,  the government’s vanguard for cyber and information security that guides Singapore’s cyber fortifications, Trustformer is dedicated to advancing blockchain security standards and practices. Both entities are committed to fostering a safer and more reliable trading environment for the global crypto asset community, marking a significant stride towards enhancing the safety and compliance of digital assets.

About Trustformer
Invested and incubated by ChainUp, Trustformer leads in integrating compliance technology with real-time risk monitoring. Harnessing AI language models, Trustformer’s solutions adeptly combine Web2 content semantics with Web3 transaction data, offering unparalleled real-time risk identification. This allows for real-time identification and alerting of risks associated with entities, wallets, and transactions. Adhering to the FATF Travel Rule, Trustformer blends global cross-border financial regulations with localized financial and cryptocurrency licensing policies. This ensures real-time risk identification, transaction analysis, and alerts. Through graphical node reasoning, the platform provides in-depth analysis of transaction addresses and fund flows, in addition to offering risk compliance investigation and financial security audit services.

SOURCE Trustformer

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Artificial Intelligence

Vechain and SingularityNet Combine Blockchain + AI To Drive Sustainability and Build Advanced Enterprise-Grade Tools



Vechain and SingularityNET, industry leaders in blockchain and artificial intelligence (AI) respectively, have announced their strategic collaboration. This partnering of technical giants unites powerful emerging technologies with the potential to radically change how the global economy operates, offering powerful enterprise-grade tools to tackle challenges in the field of sustainability and traditional businesses.

In particular, the alliance holds great promise for vechain’s ambitions with Boston Consulting Group, partners, collaborating on building ‘ecosystems’ wherein individuals and businesses are incentivised to act sustainably. SingularityNet’s AI capabilities offer immense potential to enhance and improve these ecosystems, utilising AI technology to pore over data, and improve their efficacy.

Vechain and SingularityNET intend to launch joint research initiatives to fortify the efficacy of each respective platform and ingrain the pair at the heart of future digital development. The combination of these technologies can equip businesses with intelligent tools, signalling the onset of a new phase in the era of digitisation.

Dr. Ben Goertzel, the visionary CEO of SingularityNET, expressed his excitement for the massive potential of this partnership:

“The last few years have taught the world that when the right AI algorithms meet the right data on sufficient processing power, magic can happen.

What’s even better is when the algorithms, data and processing are decentralized in deployment, ownership and control — which is exactly the sort of magic that’s going to happen putting the SingularityNET ecosystem’s AI algorithms together with vechain’s deep and diverse enterprise data, on the joint, secure distributed processing power of the two networks.

This combined power will be applicable to sustainability as one of our initial focus areas, but in the end extends across essentially all vertical markets. It’s hard to overestimate the potential here.”

Vechain’s CTO Antonio Senatore commented:

“We’re excited to be collaborating with leading Web3 AI platform, SingularityNET, combining our rich streams of enterprise data with SingularityNET’s powerful and versatile platform.”

“Blockchain and AI offer game-changing capabilities for industries and enterprises and are opening new avenues of operation. We look forward to working closely with the SingularityNET team to build out new services and continue to advance the fore of possibility in web3 and sustainability.”

Vechain and SingularityNET are enabling a new, more interconnected and automated world, driving new capabilities in the fields of industry and in particular, for action around sustainability.

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Acentrik wins Singapore Business Review Technology Excellence Award 2023 for Best Blockchain Product



Acentrik wins Singapore Business Review Technology Excellence Award 2023 for Best Blockchain Product

Mercedes-Benz Singapore has been awarded the Singapore Business Review Technology Excellence Award in the Blockchain – Automotive Services category for its innovative enterprise product, Acentrik. Now in its fifth year, this awards programme lauds companies that ride the digital disruption wave with technological innovations that have successfully transformed industries and business models.

Acentrik is an enterprise-grade data exchange solution developed for the purpose of enabling greater data sharing in enterprises, across industries. As one horizontal technology applied across multiple industries, Acentrik can be used as a ready-to-use data marketplace for enterprises to exchange data globally; or as a turnkey solution for enterprises to have their own dedicated whitelabel solution to control and define their own ecosystem of participants and data products.

Acentrik’s main feature is Compute-to-Data, with edge computing capabilities – enabling enterprises to align greater data sharing with data privacy.

Compute-to-Data – new potential for data sharing

With Compute-to-Data, which is bringing algorithm to where the data is – allows for privacy- preserving compute jobs for both data provider and consumer. Data providers make confidential data available and monetize from it; while consumers’ algorithms get smarter without being exposed to the raw data. This unlocks greater value in private and confidential data across industries. Acentrik has no access to enterprises’ data, acting as an orchestrator and connecting data sources, ensuring data sovereignty.

By showcasing how a Blockchain solution like Acentrik is revolutionizing the data landscape for enterprises, the journey of this strategic product of Mercedes-Benz has since also led to their recent award.

“It is an astounding win for us, further validating our ambitious work towards driving an innovative product like Acentrik. We are confident to reach further ambitions and with the traction that we’re receiving, we are excited of what’s to come,” Srikanth Kaja, General Manager – Centre of Excellence Web3 of Mercedes-Benz Singapore.

About Acentrik

Acentrik, a strategic product by Mercedes-Benz, is an enterprise solution for decentralized data exchanges. It is built for organizations with focus to create value out of data, ensuring privacy and sovereignty. Acentrik’s vision is to revolutionize the world of data exchanges and contribute to the greater ecosystem of enterprises, explicitly geared to the needs of organizations, enabling greater data sharing in a private and sovereign manner.

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